8509 244th Street SW, Edmonds, WA 98026

$7,150,000
14,870
SqFt

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Listing courtesy of The Preview Group.

List Price
$7,150,000
Status
ACTIVE
MLS#
2555202
Days on Market
15
Style
56 - 10+ Units
Finished SqFt
14,870
Area Total SqFt
14870
Lot Size (sq ft)
29,185

Property Description

The Nyland Apartments, a 19-unit multifamily investment opportunity located in highly desirable Edmonds, Washington. Completed in 2021, this charming residential community offers investors the rare chance to acquire a newly constructed property in one of the Puget Sound's most coveted and supply-constrained submarkets. The property sits on approximately one acre of land (51,000+ square feet) zoned for multifamily use, providing long-term flexibility and redevelopment potential in a rapidly growing suburban environment. The Nyland Apartments feature spacious units averaging 783 square feet with high-end interior finishes including: stainless steel appliances, granite countertops, vinyl flooring, and marble-inspired surfaces throughout. Residents benefit from modern living amenities such as air conditioning, in-unit washer and dryer, walk-in closets, and private patios or balconies compelling opportunity for investment.

Additional Information

List Date
2026-07-13 21:23:13
Community
Edmonds
Net Operating Income
$387,859
Gross Adjusted Income
$497,610
Gross Scheduled Income
$523,800
Total Monthly Income
$41,200
Insurance Expenses
$8,295
Water/Sewer/Garbage Expenses
$35,051
Gross Rent Multiplier
5.42
Total Expenses
$159,991
Vacancy Rate
5
Total Number of Units
19
Unit Name
8509
Potential Terms
Cash, Farm Home Loan, See Remarks
Year Built
2021
Roof
Composition
Site Features
Cable TV, Deck, Electric Car Charging, Fenced-Partially, Patio, Sprinkler System
Electric Expenses
2584
Other Expenses
71314
Energy Source
Electric, See Remarks
School District
Edmonds
Total Monthly Income
$41,200
Gross Scheduled Income
$523,800
Vacancy Rate
5
Gross Adjusted Income
$497,610
Tax Year
2025
Insurance Expense
$8,295
W/S/G Expenses
$35,051
Total Expenses
$159,991
Net Operating Income
$387,859
Gross Rent Multiplier
5.42
Based on information submitted to the MLS GRID as of . All data is obtained from various sources and may not have been verified by broker or MLS GRID. Supplied Open House Information is subject to change without notice. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.

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